OKX, ranked as the second largest crypto exchange by volume, has been provisionally approved to launch a cryptocurrency exchange in Dubai.
The Dubai Virtual Assets Regulatory Authority (VARA) has issued a virtual asset service provider licence to OKX Middle East Fintech FZE.
The licence remains non-operational pending some remaining conditions and local requirements as defined by VARA.
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Assuming these conditions are met, OKX Middle East will be able to offer regulated virtual assets activities to institutional and retail activities, including sport services and spot pairs.
“The future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, along with VARA, has succeeded in establishing a distinctive environment that fosters the growth of virtual asset service providers,” said Rifad Mahasneh, OKX general manager for the Mena region.
“The Mena region holds immense potential to become a hub of excellence for Web3 and virtual assets. We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region,” added Mahasneh.
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